Wang’s Happy Trading

Another jittery day for the market. The market was volatile and mostly lower today, as investors jostled for position before 3 of the biggest tech earnings come out (YHOO, IBM, INTC). The Dow was down 71.86 points; SPX lost 10.18, while Nasdaq gave up 16.14 points.

Let’s take a look at how the market closed:

It is pretty much red across the board. Only USO (oil) stood out in the green, with +1.65%, no less! INX2 (Internet) finally let out some air to make some breathing room, down 1.45%. XLF (financials) was down 1.87%. Even FXI (Chinese ADRs) took a breather, down 1.92%.

SPX

SPX closed at 1538.53, down 10.18 points. It closed just below its 20-day MA. The MACD is curving down a little more. We’ll need to see SPX bounce back up tomorrow to keep the bullish impression in the picture.

Nasdaq

Nasdaq was down 16.14 points, closing at 2763.91. It is doing a little better than the broader market, staying just below its 10-day MA. Its MACD is also slipping, but, the daily MAs still look good.

It looked like the investors played it safe today, taking more profits and not rushing in before some of the biggest techs report their earnings. After the market, IBM beat the street’s expectations, reporting earnings up +6%. However, it is trading lower by $1.41 in AH, after gaining +$1.57 during the regular session. INTC reported a 3Q profit that jumped +43%!! It is trading up +5.14% in AH! The big story in AH is perhaps YHOO’s earnings report! YHOO finally beat the estimates for a change, and it gave an optimistic outlook!! Its shares were up +8.95% in AH. Hearing the cheerful news from YHOO, investors went shopping for cheap tech shares after the market: GOOG up +1.95%, or $12; BIDU up +2.41%, or $7.42; AAPL up +1.29%, or $2.19!!

We also played it safe yesterday and today. Relaxing and watching the market while it let off some steam allowed us to re-center ourselves and re-dial in our focus. With lots of cash on our hands, we’re ready to have some fun!

Good night and HappyTrading! ™